Have you ever wondered how the most successful brokers manage to recruit and retain their top agents? Finding high-quality talent is indeed an art. However, armed with the right skills you too can identify and hire better agents.
But before you start drafting that job proposal, it is imperative to establish a clear value proposition to present to candidates. This proposition should discuss the advantages of working at the brokerage, offer competitive industry tools, describe the company culture, as well as detail efforts the brokerage will take to support an agent’s career.
This is the bait that top brokerages use to recruit qualified agents. They then deploy the following three best practices to convince principal agents why they should work with them:
1. Present attractive incentives offered by few other brokers
How important is your benefit or incentives package when looking to hire better agents? To put it frankly, extremely vital.
According to Wellable, 79% of agents looking for a new job said that a competitive benefits plan was definitely an influencing factor when comparing job offers. In a survey published by Randstad, over 50% of employees admit to leaving their former job for a new one because of better benefits. In a CBI report, 42% of businesses corroborate these findings by stating that “their ability to recruit has been improved by [incentives such as] their pension scheme.’’
And once you’ve secured this crème de la crème talent you’ll need to keep revamping and improving your benefits package to retain your best agents otherwise as soon as they hear of a better offer somewhere else, they may not think twice about leaving your brokerage. According to 64% of Millenials, good benefits are ‘extremely important’ to employer loyalty.
In order to attract interest from a wider pool of agents, list out the various benefits and incentives that you’re currently providing your agents. Research what your competitors are offering to see where you can adjust your current scheme. Benefits to think about include: digital marketing assistance, personal website development, better-earning potential, and pension plans to mention a few.
2. Tailor the job offer to reflect today’s employee attitudes
Unlike generations before them, the average person in the United States today will change jobs at least 5-7 times. Why are people changing jobs so often? What are they looking for? How can you retain them so you reduce the need to repeatedly hire and onboard new agents?
If we were to summarize the five major criteria that agents use when weighing different job offers, we’d find that agents are looking at:
- The salary offered and the compensation plan
- Career growth opportunities and resources
- The work-life balance afforded by working at the brokerage
- How far they have to commute to work or if remote work is a possibility
- Lastly, the brokerage’s company culture and set of values
By taking each of these five points into consideration when drafting up your offer or creating a recruitment strategy, you stand a chance to hire better agents who fit right in with your expectations.
An article in the Harvard Business Review entitled, “Why Employees Stay” brings up two fundamental concepts that make people stay. Namely, job satisfaction and company culture. So long as the agent is content with the resources at their disposal for career advancement, their salary, and benefits, and they fit in with the brokerage’s culture they are more likely to stay. Therefore, it is to a brokerage’s advantage to heed the needs of job seekers.
3. Cast the recruiting net far and wide
If the hiring strategy you’ve been employing all these years isn’t meriting fruit and drawing the kind of talent you want, it might be time to revise your recruitment policy by casting the net far and wide. What do we mean?
You’ll want to give real estate agents at every level a chance. Regardless of whether they are rookies or experienced, adjust your pitch so you can receive a wider response from potential candidates. You may discover rookie agents who are a better fit than the so-called ‘experienced’ talent.
Include elements that will pique the interest of top-tier agents while giving room for newbie agents as well. You may even want to draft up two distinct offers and see the caliber of responses that you get. In order to hire better agents, you need to be flexible and accommodating.